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What are the criteria for investments in the shipping sector that are acceptable for the Cyprus investment immigration program?
I heard that recent amendments to Cyprus' program have included investment activities in the shipping sector. However, the investment needs to meet certain criteria and needs to be approved by the Ministry of Finance and the shipping department. What are the criteria? What is the process of getting an approval?
Answers
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With regards to investments in the shipping sector within the scope of the Cyprus Investment Program, the Ministry of Finance and the Department of Merchant shipping are yet to announce the measurable criteria that they shall enforce for an investment in the shipping industry to be considered eligible. We are in communication with the Department of Merchant shipping with regards to the criteria and expect the announcement to be made soon. The general principle of the Cyprus Investment Program, is that for any type of investment to be considered eligible it must contribute directly to the growth of the Cypriot economy and provide a direct influx of capital in the Cyprus economy. The criteria will be set to ensure this.
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At the moment the criteria for investments in the shipping sector have not been finalized between the Deputy Ministry of Shipping and Ministry of Finance which are the bodies that will decide on them. The criteria are supposed to be finalized soon but as they have not been yet open on them.
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Recent amendments to the Cyprus investment program have been effected on the 26th of February), some of which will come into effect on the 15th of May, 2019. As far as the criteria for investments in the shipping sector are concerned, these are to be determined by the Ministry of Finance and the Deputy Ministry of Shipping. At the moment, these criteria have not been set.
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Recent amendments to the Cyprus investment program have added a new clause, which provides that investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry. These measurable criteria will be announced in due time and have not been announced as of yet.
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